With so many transformative forces at play – both from within the industry and outside, are you keeping up to speed with the InsurTech movement?

Deloitte is thrilled to be partnering with 11:FS to bring you a monthly InsurTech podcast. Suitable for beginners and experts alike, you can expect a host of international guest speakers discussing the latest trends, news and developments in InsurTech.

Listening couldn’t be easier. You can use our player below, or if you’re on the go, find the purple podcast icon on your iPhone and search for “InsurTech Insider”. And if you’re an Android user, head to the play store and download any podcast app and search ’InsurTech Insider.’

Fraud in Pet Insurance

Nigel Walsh and Sarah Kocianski are joined by Oke Elazu, COO of Bought by Many to talk about the surprisingly wide-spread issue of fraud in pet insurance.

We kick things off with a roundtable discussion on the challenges facing the pet insurance industry, the difficulties of verifying the vital information of pets and bad actors in the pet world. 45% of the population of the UK own a pet, and statistical studies estimate there to be about 51 million pets in the UK, and 6.6m people have taken out pet insurance. Pet insurers paid out £775 million in claims in 2017 – the highest figure on record representing a 10% year-on-year increase – to help Brits with the unexpected costs associated with pet ownership.

Helene Stanway and the latest news

Sarah Kocianski and Nigel Walsh are joined by Helene Stanway, Digital Leader at AXA XL to talk about the latest insurtech news. First up, we talk to Helene about her background and what's going on at AXA XL now that the merger's gone through.

In this episode we also talk about:

Trov Expands To Four More States In The US 29:39

Digital Insurer Singapore Life Raises $33 million for expansion 34:15

Zurich North America chooses its representatives for the Zurich Innovation World Championship 41:46

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Weird Claims and 2019 Predictions

Sarah Kocianski, David Brear and Nigel Walsh are hosting this week, joined by guest Oliver Ralph, Insurance Correspondent at the FT.

In this episode we talk about:

Slice Insurance Cloud Services being now available in the UK & EU. US insurtech Slice offers on-demand rideshare and homeshare insurance, along with an on-demand insurance cloud platform called Insurance Cloud Services (ICS).

JLT Re has signed a partnership with Pact Insurance to offer products to the emerging digital auto insurance market in North America. As per the agreement the partners will collaborate to develop a digital insurance platform to cover both established as well as emerging mobility risks. Pact Insurance provides low cost, on-demand auto insurance in Ohio which customers can purchase and manage using their smartphones.

Waggel Launches fully digital pet insurance. The insurtech launched in the UK earlier this month and aims to offer more transparent pet insurance. The aim is for customers to know exactly how much they’re paying and for what provision, as well as getting rewards for improving the care of their animal.

Weirdest Travel Insurance Claims on 2018. This list came from Cover More, an insurance company that’s headquartered in Australia. According to its 2018 data, being denied from boarding a flight was the fastest-growing reason for an insurance claim, with instances rising a whopping 350% on the previous year. New types of claims in 2018 that didn’t exist in 2017 included “cabin confinement”, — when cruise passengers were forced to stay in their cabin due to illness, missed ports on cruise journeys.

We then get into some very interesting predictions for the space in 2019.

To round things off Sarah has an interview with Mitch Doust, Head of Americas for Cover Genius who gave us an overview of what Cover Genius is up to, what’s next for the company and his predictions for 2019.

The Sexy Side of Insurance

David is back hosting with Nigel this week, joined by guests Edel Ryan and James Burrows both of whom are Partners at JLT.

We kick things off with a discussion on contingency insurance and how it relates to the sports, media and entertainment worlds. The entertainment industry faces growing risks and exposures. Extreme weather, power failure, public liability and terrorism reflect some of the on-going challenges and uncertainty threatening the success of events.

We take a look at death and disgrace (including what that even means), exploring the case studies around it, how technology is increasing the need for this kind of cover and how technology is helping provide this cover.

Next up we examine live events, the risks involved, what is actually being insured against and why it requires specialist cover. We also look at the new types of threat to live events and how that's affected the way policies are written.

We also discuss sports sponsorship, prize indemnity and what the future of the industry looks like as a whole and where the biggest risk to insurers is.

Partnerships

28 November 2018

Nigel Walsh is hosting with Sarah Kocianski this week, joined by guests Arslan Hannani, Head of Market Management at Zurich and Tim Attia, CEO and Co-founder of Slice.

We kick things off with a roundtable discussion on the types of partnerships in the industry, the benefits they bring and what role (if any) regulators should play. They examine just how common incumbent/startup partnerships are, if they can ever be judged as successful and what those metrics are. The group also take a look at how investment funds factor into the picture, where accelerators fit in and what the future of partnerships looks like.

Sarah also met with Andy Rear, Chief Executive of Munich Re's digital partners and heads up their venture fund. They talk all about the type of startups Munich Re works with, the various ways it can be done and how incumbents have learned from working with startups. They also talk about how these partnerships have evolved over the years and the hurdles that lay ahead.

All that and much more on this week's episode of Insurtech Insider.

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Sports Insurance and the news

Nigel Walsh is back hosting with Sarah Kocianski this week, joined by guest Tobias Taupitz, CEO and Founder of Laka.

We kick things off with a discussion on the sports insurance market, looking at what it covers.

Next up we take a look at the latest insurtech news, starting with the evolution of winter sports cover. According to official UK Government statistics, between 2012 and 2016, there were 118 hospitalisations of British skiers and snowboarders in European resorts, and 58 deaths – and when it comes to theft in ski resorts, recent research from the Ski Club of Great Britain found that theft and loss of snow-sports equipment has affected one in eight winter holidaymakers. Many winter sports policies still have exclusions whereby an insurer doesn’t provide cover for certain activities – e.g. off-piste skiing when not accompanied by a fully qualified ski instructor.

Ethos raises $35 million. The life insurtech successfully raised $35 million in a Series B financing round, led by Accel with participation from Google Ventures (GV), Sequoia Capital and Arrive, a subsidiary of Roc Nation - which would be Jay-Z’s record label. Founded in 2016, Ethos describes itself as a “new kind” of life insurance that is built for people who do not have time for fine print, extra doctors appointments, or hidden fees. The company is licensed in 49 states and has already processed thousands of applicants for life insurance coverage.

Slice Labs which provides on demand insurance for a range of industries, and AXA XL have launched a new cyber insurance policy specifically designed for small and midsize businesses (SMBs). Powered by Slice the AXA XL branded cyber insurance coverage provides U.S. SMBs with comprehensive cyber insurance protection along with real-time intelligence to proactively counteract cyber risks. It’s designed for companies under $20 million in annual revenue and offers limits from $250 thousand up to $3 million. Customers can buy acquire policies and submit claims through a bot.

Munich Re partners with Plug and Play Ventures in China. Munich Re has partnered with the Silicon Valley-based accelerator and corporate innovation platform, to collaborate with emerging insurtech startups in China.

The startups accepted into the programme will receive funding from Plug and Play Ventures, and access to the resources of the founding anchor partner Munich Re.

Continuity of service

31 October 2018

David Brear is hosting with Nigel Walsh this week with a great guest, Renaud Million CEO of SPIXII to talk all about the latest news in insurtech. Including:

First up, AXA XL moving European arm out of UK ahead of Brexit. AXA XL has received authorisation to move its EU business from the UK to Ireland in advance of the UK’s exit on 29 March 2019. The insurer says it will minimise disruption in its dealings with brokers and clients. It is the latest insurer to announce it’s post-Brexit plans - following the likes of QBE, RSA, AIG, Lloyd’s, Liberty and MS Amlin.

Hiscox reveals volume of cyberattack attempts against small businesses. An estimated 65,000 attempts EVERY DAY.

The approximation was based on tests undertaken by Hiscox to monitor, in real time, the number of attempted breaches on decoy computer systems similar to those used by small UK firms. Hackers are prolific and sophisticated which makes staying on top of cyber security a challenge for all organisations.

MAPFRE Is Now on Amazon. Leading Spanish-insurer MAPFRE announced it has signed a “strategic agreement” with Amazon Spain. As part of the agreement, MAPFRE will offer its products on Amazon.es via a branded storefront, becoming the first insurer in Spain to offer products on Amazon. According to the press release, MAPFRE and Amazon will explore additional ways to collaborate including the use of Amazon Pay on MAPFRE, and installing Amazon’s pickup lockers for online orders in select MAPFRE stores.

Greenlight Re reveals Click2Sure investment. Greenlight Re Innovations, part of specialist P&C reinsurer Greenlight Capital Re, has invested in the digital insurance platform, Click2Sure. South Africa-based Click2Sure has developed a comprehensive digital platform for distributing, managing, and purchasing insurance at the point of sale. The platform’s API-first approach allows easy creation and deployment of custom insurance products through digital channels.

Ecclesiastical calls for charity exemption from IPT. Ecclesiastical has joined forces with Charity Finance Group (CFG) to urge the Chancellor to make charities exempt from paying Insurance Premium Tax (IPT). Ahead of the Budget on 29 October, Ecclesiastical has been working with CFG to raise awareness of the impact of the continuing IPT increases on charities. Since 2015 IPT has doubled from 6% to 12%. The average charity is paying £300 in IPT on top of their insurance premiums.

Farmers summons the undead Halloween-themed life insurance spots. Farmers Insurance has enlisted the help of the undead — a mummy, a vampire and a zombie - in their latest ad campaign to help get customers getting their life insurance policies in order.

More news you need to know

17 October 2018

Nigel Walsh is back hosting with Sarah Kocianski this week with a great guest, Dylan Bourguignon, CEO and Founder of SoSure to talk all about the latest news in insurtech. Including:

Beale reveals barrage of abuse after taking Lloyd's job. Outgoing Lloyd’s boss reveals the homophobic and sexist abuse she received after taking the top job. Lloyd’s chief executive, Dame Inga Beale has outlined the extent of abuse she received after taking the job at the insurance market. She told The Sunday Times that she received letters and messages from male brokers and underwriters within Lloyd’s.

AXA XL partners With Parsyl to offer enhanced marine risk prevention services. AXA XL announced it is working with Parsyl Inc., a Denver based supply chain data platform that helps shippers, insurers and their clients understand the quality of the conditions that sensitive or perishable products are kept in. Sensors are placed alongside sensitive cargo, providing insights into the travel of a product through the entire supply chain, from the first mile to the last. AXA XL uses Parsyl’s sensors and its expertise in large-scale data mining to analyse data such as location, temperature, light, humidity and movement impact on cargo. This allows AXA XL to offer clients enhanced loss mitigation and risk prevention services.

Art Insurance

3 October 2018

Sarah Kocianski is back hosting this week, joined by guests: James Garthwaite, Underwriter in Art and Private Clients at Hiscox UK and Ireland, and Luke Mullett, Account Executive for Commercial and Private Fine Art at CBC UK.

We kick things off with a roundtable discussion on what the market is, looking at what it covers and how expansive the range of objects is. Why art insurance is so different from the rest of the insurance world, what art's insured against, the biggest risks to art and how transportation has an impact on insurance. We also discuss how tech is transforming the art insurance industry and the problems in the sector that insurtech has a shot at solving.

The news you need to know

19 September 2018

Sarah Kocianski is back hosting with David Brear this week with two great guests, Lea Nonninger, Research Analyst at Business Insider Intelligence and James York, Founder at Worry + Peace to talk all about the latest news in insurtech. Including:

Hong Kong based OneDegree gets $25.5 million Series A to make insurance more accessible, starting with pet insurance. OneDegree offers an online insurance platform that lets consumers purchase personal lines and health insurance products via an app which automates claims processing, policy management and customer service. 50% of the investment was pledged by investors pending regulatory approval through the Hong Kong Insurance Authority’s new fast-track licensing program for online-only insurers.

Munich Re buys IoT startup for $300 million. The reinsurance giant’s HSB subsidiary (which specialises in engineering insurance) has bought Berlin-based relayr which helps industrial companies unlock data insights from machinery using IoT devices (e.g telling business owners when a machine is likely to fail or needs work as efficiency/output has dropped).

Relayr’s tech is used by around 130 businesses.

Lloyds of London Sandbox launches. Lloyds new innovation sandbox dubbed Lloyd’s Lab has selected 10 startups to join its first cohort (note: Lloyds the insurance marketplace not Lloyds the bank!). The aim for the program is for the startups to develop products, platforms and processes that will help transform Lloyds into a technology driven market. The sandbox received more than 200 applications from 36 countries.

Zurich launches competition to find cutting edge startups. The Swiss insurer launched the Zurich Innovation World Championship, a global competition where the winners gain the chance to use their products for Zurich customers in selected countries. Startups with established products and services are eligible to apply by the Sept. 30, 2018 deadline.

Starling Bank partners life insurtech Anorak. Starling customers will now be able to access Anorak’s life insurance advice services through the bank’s marketplace. Anorak will analyse the customer’s bank transactions and then offer advice on how much life cover they need (if at all), for how long, and why

Talent Crisis hits UK brokers. Research by Ecclesiastical reveals most brokers want to hire young talent in order to help with innovation, but 52% are struggling to recruit as young people lack awareness of what brokers do. The top three strengths of younger staff according to brokers are IT skills, enthusiasm and that young employees are innovative.

Catastrophe Insurance

3 September 2018

Nigel Walsh is back hosting with Sarah Kocianski this week, they're joined by guests: Emil Pfeiffer, CEO and Founder of Krizo and FT Insurance Correspondent, Oliver Ralph.

We kick things off with a discussion on what catastrophe insurance actually is, turns out it's not just an 'act of god'. Once the panel have established the definition, they move on to examining what technology is actually changing the catastrophe insurance space and what the current problems facing the industry are. The panel also examines how emerging global issues are forcing the catastrophe industry to play catch up. Climate change is one such issue, with 2017 being a record breaking year for hurricanes, terrorist action is another issue that's affecting the space.

To wrap things up, Sarah meets with Jason Futers, CEO at Insurdata to talk to him all about their catastrophe insurance offering and then sits down with Barney Schauble, Managing Partner at Nephila Capital to discuss catastrophe bonds and tech in the sector.

AI in Insurance

Sarah Kocianski is hosting seat this week, joined by guests: Ahmed Zaidi, CTO at Catalyst AI, Erik Abrahamsson, Founder and CEO of Digital Fineprint, and Janthana Kaenprakhamroy, Founder and CEO of Tapoly.

We kick things off with a quick intro into what AI really means and what it can do before having a roundtable discussion on the effect it can have on the insurance industry. We continue with a discussion on the areas where AI can have the biggest impact and what AI products in the market are actually real. And is this real AI or better results from rules based automation as more data can be included? The panel also looks at how smart devices can fit into the discussion and where insurtechs are doing things differently in this space.

Sarah also has a great interview with John Berthels, CTO and Co-Founder of Cocoon, on the role of AI in home security systems.

Health Insurance

8 August 2018

Sarah Kocianski is back in the hosting seat this week, joined by guests Luca Scnettler, CEO of HealthyHealth and Ari Zadkov, Head of Technical Marketing, Vitality Health.

We kick things off with a roundtable discussion on the challenges facing the health insurance industry at the moment. How technology is changing the health insurance industry, how it works for pre-existing conditions, how to companies choose what they will and won’t pay out for, and how that affects consumers. We also discuss the cheaper products available to consumers and if they have any relevance at all compared to fuller coverage and where the future of the health insurance industry lies in terms of what impact new technologies will have on it.

Sarah also met with Yashish Dahiya, CEO and Co-Founder of PolicyBazaar at MoneyConf earlier in June to discuss things further.

SMB Insurance

11 July 2018

Nigel Walsh and Sarah Kocianski are back in the hosting seat this week, joined by and guests Alex Wheal, Commercial Client Manager at Hiscox and Ania Kubow, Co-founder of Nimbla.

We kick things off by discussing what types of insurance are most meaningful to SMBs, discussing the issue of how SMBs can discover which type of insurance they actually need and how much cover they'll require. We also discuss how currently there appear to be almost no tailor-made insurance policies for SMBs. Then we go on to examine why insurtechs have decided that SMBs are worth the trouble and how technology is helping improve the space for SMBs.

Sarah also has a great interview with Harry Franks, CEO of Zego while at Insurtech Insights last month. The two explore the insurance space for gig economy and small businesses.

Fraud prevention

13 June 2018

George Herber, Business Development Manager at Friss, David Hartley, Director of Fraud and Financial Crime Practice at SAS Global and Greg Brown, Partner at Oxbow Partners, join Nigel and Sarah to dig into how insurance is preventing fraud right now, who's actually making fraudulent claims, the threat of organised fraudsters, staying wary of cracking down too hard and much more.

Travel Insurance: Meaningful Disruption

2 May 2018

In this episode we dive into travel insurance. Joined by James Gibson from Revolut and Oke Elazu from Bought by Many, this week’s hosts, Nigel Walsh and Sarah Kocianski discuss the next phase of disruption of this particular sub-sector. Where is travel insurance right now, what’s next and how many of us are actually insured ahead of our trips? These are only some of the questions we answer. Excitingly, we also bring you an interview with Parul Green, Head of UK Strategy, M&A and Innovation at AXA who among other things tells us all about Fizzy, a revolutionary web & mobile insurance cover for flight delays created by AXA using blockchain technology. Tune in!

Key discussion points in this episode:

What’s the latest in the travel insurance world?

How are new emerging models challenging traditional insurers in this space?

Can new technology enable models that can provide coverage to groups that have been excluded from travel insurance in the past?

What are the options available to those with long term health problems?

What could be the impact on Brits travelling abroad post-Brexit, with the possibility of our European Health Insurance Card being revoked?

Vehicle Insurance Model Disruption

18 April 2018

In this episode we chat all things motor insurance. It’s well known that vehicle insurance makes billions for traditional insurers every year but how is this huge sub-sector dealing with disruption? Sara Kocianski and Nigel Walsh ask David Williams, technical director at AXA; Freddy Macnamara, CEO of Cuvvaabout and Tobias Taupitz, the CEO and founder of Laka about their thoughts on motor market’s current state and the drivers behind its disruption. Excitingly, we also bring you an interview with Christopher Sharpe, the CEO of Kinsu, which claims itself to be the UK's fastest and kindest insurance app.

Key discussion points in this episode:

What’s the latest in the world of vehicle insurance?

How InsurTech disruption is changing traditional insurance models?

Are price comparison websites are on their way out?

How do mandatory insurance and price comparison websites force a race to the bottom and how can insurance companies combat that by providing personalised products?

What are the negatives of highly personalized approach to insurance, if any?

London Market Disruption

4 April 2018

The London insurance market is at the heart of this episode. Sara Kocianski and Nigel Walsh are joined by Alex Hern, Managing Direcot at Slipcase; Will Thorne, Innovation Leader at The Chanel Syndicate; Oliver Ralph, Insurance Corresponded at FT and Bernadine Bröcker Wieder, Co-founder & CEO at Vastari. Ever wondered what the London Market actually is? Or why it’s so famous and why it plays such a pivotal global role? Then tune into this episode. They also dive into the modernisation of the London Market by discussing how machine learning, blockchain and predictive modelling can be applied to InsurTech and how new tech can be impact the way policies are underwritten.

Key discussion points in this episode:

What do we mean by the London Market?

Why is it so important on a global scale?

Is London Market being disrupted and if so, where is the disruption coming from?

Is there a change in the way policies are being underwritten?

Are the tech giants a threat for the insurance sector?

What does the future look like for the industry as a whole - can the London Market weather the storm and retain its majority market share?

Cyber Insurance + Lemonade CEO interview

21 March 2018

In this episode we focus primarily on cyber insurance which undoubtedly is one of the most hot topics in the industry at the moment. What is it, why it matters and why companies need it are only some of the questions that our guests Gareth Wharton, CEO for Cyber at Hiscox and Thomas Clyton, ‎Cyber Underwriter at Zurich Insurance plc dive into with Nigel Walsh and David Brear who are this episode’s hosts. Later in the episode, Nigel interviews Daniel Schreiber who is a Co-Founder and CEO of Lemonade, an insurance company that offers renters and home insurance powered by tech and driven by social good. Among other things, they discuss why ‘no one likes insurance’ and how Lemonade is trying to change this historically negative industry’s perception by making the most of an innovative business model.

Key discussion points in this episode:

What is cyber insurance?

Why do we need it and who needs it most?

What are the benefits?

How are you impacted if you get hacked with cyber insurance?

Cyber insurance has been around for over 10 years, but why is it still relatively unknown?

Connected Homes

7 March 2018

In the latest episode we dive into the phenomenon of Connected Homes. We kick off by explaining the concept and its relevance for the insurance sector. Unsurprisingly, there is a lot to discuss! Sarah Kocianski, Senior Analyst at Business Insider is joined by Arslan Hannani, Head of Market Management at Zurich; Colin Richardson, Co-founder of Cocoon; Kristian Feldborg, Co-founder of PolicyCastleand Patrizia Cozzoli, Head of Business Development at Fing. The guests chat through the benefits and negatives of Connected Homes, and more broadly IoT (Internet of Things), for the consumers. Sounds like a lot needs to be done on the awareness side of things, since 77% of people have never heard of Connected Homes. To wrap up the episode, Nigel Walsh interviews Mark Budd, Head of Innovation of Zurich who tells us all about their Innovation Foundry, a brand new initiative to focus on the simplification and innovation of products for customers.

Key discussion points in this episode:

What are Connected Homes and how can insurers make the most of them?

What are benefits and negatives of using IoT for insurance purposes for consumers?

How do smart devices feed information to home owners and to third parties, such as retailers and insurers?

How comfortable are consumers - in an era where data is starting to become more sovereign - in allowing insurers access to this data?

Are Autonomous Vehicles Driving the Future of Insurance?

24 January 2018

In our first podcast of 2018 we discuss all things autonomous vehicles and their potential impact on the insurance industry. Sarah Kocianski and Nigel Walsh are joined by David Williams, Greg Brown, and Oliver Ralph. In this episode they also chat about Amazon’s alleged investment in Indian insurtech startup Acko – could this be the start of tech giants disrupting the industry?

Key discussion points in this episode:

What are the autonomous vehicles and how are they likely to impact the insurance industry?

Are insurers and most importantly are we, as society, ready for driverless cars or shared cars?

What is likely to happen in the driverless car space in the next 12 months?

Has Amazon entered the insurtech arena through its latest alleged investment?

InsurTech Insider: Aviva Takeover

22 December 2017

A special end of year installment—it’s the Aviva takeover! Coming to you directly from the Aviva Garage in Hoxton Square, David Brear, 11:FS; Nigel Walsh, Deloitte; and Sarah Kocianski, Business Insiderare joined by a number of the Aviva team to talk us through their story. Mark Wilson, Aviva CEO recounts his vision to turn Aviva into a Fintech seven months ago and we discuss whether this is truly the way forward and review progress so far.

Key discussion points in this episode:

The customer expectations are ever changing, what are the ways we can adapt to meet new demands and their needs?

What is the culture of Digital Garages and how are large firms, like Aviva, integrating innovation into the way they work?

As the start-up, on the other side of the fence, what’s the experience of working with Aviva and what have you got out of it that you wouldn’t have had otherwise?

Insurance as a platform

30 November 2017

This month, the podcast team is joined by Sarah Kocianski, Business Insider and James York, Worry+Peace to discuss insurance as a platform. We also take a look at the news this month, where we tackle whether the insurance gap penalises poor households, whether big insurers are ready for the General Data Protection Regulation (GDPR), and why Amazon might pose a very real threat to incumbents.

Key discussion points in this episode:

What is insurance as a platform and why has it come about?

If platforms are to take control of the customer relationship, what does that mean for the big players

As big insurers come to terms with the wealth of data at their disposal, how might they incorporate artificial intelligence to change the way that data is used?

Is the future of insurance here?

20 October 2017

This month, Nigel Walsh was on the road at InsurTech Connect, 3-4 October interviewing five industry experts to find out what’s on the minds of the experts. Let’s see what they had to say about the challenges that they face every day and what the future holds.

Contact

Partner, Deloitte North West Europe (UK)

Nigel is a partner in the Financial Services technology practice. Nigel has a background in end-to-end technology transformation, digital transformation, and InsurTech – key enablers in supporting ins... More

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